Wheat Prices Steady to Firm as Sellers Show Reluctance

Ahmedabad, September 06 (CommoditiesControl): Wheat prices exhibited a steady to firm trend across major markets today as sellers became increasingly reluctant to sell at current rates. This reluctance led to varied price movements, with some centers experiencing price increases of INR 10-20 per quintal.

In Delhi, wheat prices saw an increase of INR 100 per ton, reaching INR 28,500 per ton. Uttar Pradesh reported steady to firm prices, ranging from INR 27,200 to INR 27,300 per ton. Prices in Uttarakhand remained unchanged at INR 27,200 per ton. In Bengaluru, factory delivery prices were quoted at INR 30,500 per ton, with most supplies coming from Madhya Pradesh and Uttar Pradesh. Prices in Madhya Pradesh and Rajasthan held steady at INR 27,200 per ton, while Gujarat prices were reported at INR 27,400 per ton.

There were no signs of the Open Market Sale Scheme (OMSS) being announced today. The government's delay in rolling out the OMSS is attributed to insufficient stock levels to conduct sales in September. In addition to the 5.5 million tons allocated for OMSS, the government will need to utilize an extra 2 million tons from the exigency buffer to stabilize wheat prices.

With most buyers’ pipelines running significantly empty, and the festive season approaching which is expected to boost demand for processed wheat products, the delay in the OMSS policy announcement could potentially lead to a rise in wheat prices in the near term.